Vancouver Condo and Loft Market Update

The end of 2009 finished with plenty of activity and recovered prices from early 2009.  This high-level of activity and price gains have continued into the early portion of 2010.  In January 2010 there were 152% more sales than in January 2009 in all of Greater Vancouver.  The first half of 2009 was primarily dominated by first-time buyers who were attracted to low interest rates and prices down from the peak in late 2007.  The second half of 2009 proved more sales in the $500,000 - $1,000,000 range compared to the year before. 

From February 2009 Vancouver condo and loft sale prices have increased 19.7% on the Vancouver Westside and 15.3% on the Vancouver Eastside.  Certain segments of the Vancouver condominium market have now surpassed peak prices as seen in 2007. 

Demand remains strong in all price levels, as activity has been high with limited inventory.  The Olympics have just passed, and there are already signs of above-average inventory coming onto the market.  The Vancouver Westside market has become very challenging for purchasers as we have been in a sellers market since Summer 2009, so increased inventory could become beneficial by finally offering people good options to choose from, and to level off the aggressive price gains seen over the past year. 

Mortgage qualifications have been slightly tightened, as buyers will now have to qualify on five-year fixed rate instead of the previous three-year fixed rate (five-year fixed rates are slightly higher), this has a small effect on most buyers purchasing power, but is a positive sign to keep our market stable.  This will also ensure first-time buyers are staying within their limits and further avoid risk seen with interest rate increases.  

Pricing Chart for Great Vancouver - 10 Year Trend

Graph from Real Estate Board of Great Vancouver Feb 2010 Market Update.  Email [email protected] for full pdf copy.

Written by Paul Albrighton March 2010

SOLD #207 546 Beatty St - Crosstown Loft at Crane Building

One of Crosstown's best Loft buildings - The Crane at 546 Beatty. Gorgeous heritage loft in the new Crane building in Crosstown. Large 1 bedroom, 2 bathroom boasting 10'8 ceiling heights high ceilings & brick walls, including European style kitchen with Bosch Stainless Steel appliance, Liebherr Fridge, La Torre facets & refurbished double hung sash windows & concrete polished floors. A perfect neighborhood on the cusp with the best of Gastown, Yaletown, Downtown...close to transportation & amazing restaurants + underground parking. Open concept ready for your custom ideas. Go to http://www.albrighton.ca/546-beatty-st.html for more information.  Closed in Dec 2009.

bedrooms			1		location			N/A
bathrooms			2		age			2
view			city & mountains		taxes			N/A in 0
sq ft			938sqft		strata fees			$275
price			$550,100		mls®#			N/A

We just SOLD another modern condo at the Qube Vancouve

1333 W Georgia St

Modern one bedroom condo with over 770 sq.ft. and water views at The Qube. Live in Coal Harbour at "THE QUBE", an architectural landmark building stunning conversion of the WestCoast Transmission building. Spacious open floorplan this 771 SF 1 bedroom + den (can be converted to 2nd bdrm). Kitchen features stone slab counters, large centre island with breakfast bar, architectural series Kitchen Aid stainless steel appliances. Spa style bath features limestone vanity countertops with tile backsplach to match 9'6" ceilings throughout the unit, a movable ambient electric fireplace, 5 feet high tinted windows, 1 parking stall included, balance of 2-5-10 year New Home Warranty still in effect. Pets and rentals welcomed and concierge service. Close to the seawall, marina, restaurants, Stanley Park and shopping and more. Go to http://www.albrighton.ca/blogs/the-qube-vancouver-condos-for-sale-1333-w-georgia-st/.  Closed in December 2009.

bedrooms			1		location			N/A
bathrooms			1		age			3
view			city & mountains		taxes			$1,986 in 2009
sq ft			771sqft		strata fees			$310
price			$498,000		mls®#			V794976

We just SOLD this great priced two level loft 

289 Alexander St - The Edge Lofts

For more lofts for sale at The Edge go to: http://www.albrighton.ca/289-alexander-st-the-edge.html

bedrooms    1  location    N/A  bathrooms    1  age    11  view    city & mountains  taxes    $1,273 in 2009 sq ft    690sqft strata fees   $179  price    $369,900 sold at $357,000. mls®#    listed by Dexter Realty

Here's a recent online business card we designed, you can find it on our twitter page:

http://twitter.com/PaulAlbrighton

$286,000 to $279,000 #302 1189 Howe St

Don't miss this opportunity to own a well-maintained concrete studio apartment for now only $279,000.   408 sq.ft. hardwood floors, outdoor balcony, located centrally Downtown.  Property Details: http://www.albrighton.ca/property_detail-1-135-9031.html .  Call for details.